How to Buy a Bank Owned Home in South Lake Tahoe
January 30, 2009
Being prepared is the key to acquiring your dream home at the right price. Follow these steps to ensure success.
1) Know the house you want (size, price, age, etc.)
2) Be familiar with the neighborhoods so when the right house comes on the market as an REO in your target area you have already completed your neighborhood search. The best way to do this is to contact a realtor (pick a Realtor that has experience with bank owned homes and short sales) and set up a half day to look at the different neighborhoods. This will also give you a chance to discuss your ideal house.
3) Most bank owned homes will need some work, so know ahead of time how much of a fixer-upper you are willing to accept.
4) Get lender pre-qualification. Most banks are going to require this with the offer to purchase, this also helps your negotiating power whether you are purchasing a bank owned home, short sale or a good bargain.
5) Be ready to act fast with an offer when the right property hits the market in your price range. I like to tell my clients “if I know it is a good deal, so do the other Realtors”. Most Realtors have a buyer or two in their back pocket looking for the right house.